Is liberalization a condition found in an insurance policy?
Every insurance policy has a provision, known as a liberalization provision, declaring whether enhancements to a new version of the policy will apply to claims made under the current policy. CNA's professional liability coverage is subject to approval in 53 jurisdictions across the US.
What is policy liberalization?
liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital.
What is the purpose of the liberalization clause in an insurance policy?
A liberalization clause is an insurance policy provision that allows for adjustments to be made to existing coverage in order to comply with changes to relevant laws and regulations.
What is found in the insuring agreement?
This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.